The Hong Kong-based firm posted a £10 million loss for the year ending June 30, 2012.

Turnover was £23.3 million – down by 40 per cent – and the wage bill (excluding directors) was £19.6 million.

Total liabilities exceeded assets by 20 per cent. BIHL showed net current liabilities of £12.5 million.

Total borrowings went up to £6 million.

The auditors qualified the accounts with a disclaimer of opinion. They cast ‘‘significant doubt’’ on the company’s ability to continue as a going concern.

Carson Yeung and fellow BIHL directors have taken steps since June to try and halt the bleeding.

Yeung’s £15 million loan has been written off, in return for an increased stake in BIHL. Loans, share and convertible bond issues have been arranged.

And although, in the accounts, it was stated that BIHL has ‘‘no immediate plans’’ to dispose of a controlling interest in Blues or the firm, Yeung is seeking to sell a 25 per cent stake in the club for around £8 million. Interest in this respect is from China. Gianni Paladini’s £20 million takeover attempt has hit the buffers.

Too much is seemingly being made of Guangdong property developer Yang Yuezhou’s recent, second loan, of £1.25 million. He doesn’t appear to have any interest in owning Blues.

Unless such moves detailed above come off and/or a white knight appears, then the state of BIHL and, by extension, Blues, will only worsen.

Blues, it is believed, have forward funded finance to help keep operating. And parachute payments to soften the blow of Premier League relegation have one more season to go.

The accounts auditors themselves, however, admitted that there was uncertainty over whether the plans implemented by Yeung and BIHL since June would work, or be sufficient.

Further player sales are also possible. However, the well there is virtually dry. Having sold a raft of top players and big earners since 2011, when Blues were relegated, there are not many assets left. The accounts showed that Blues made £2.59 million on transfers in the last financial year.

This summer, Lee Clark’s budget was slashed to try and help cashflow. High salaried stars like Steven Caldwell, Keith Fahey, Marlon King and Pablo Ibanez were released. Jack Butland, Curtis Davies and Nathan Redmond were sold.